Global Foodservice Equipment Market is expected to foresee significant growth during the forecast period. Asia-Pacific region to witness highest growth
Global Foodservice Equipment Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of 5.17% during the forecast period (2021-2027) from USD XX billion in 2020. Equipment such as cooking, washing, storage and handling equipment is used in the foodservice industry for preparation and storage of food products for commercial purposes. Increasing consumer inclination towards buying from online platforms, mobile applications, and websites is driving the market growth.
Owing to the significant growth in the hospitality industry and increased use of temperature-optimized storage equipment for perishable food is increasing the demand for food service equipment worldwide. Furthermore, increased per capita spending of consumers on food has inclined them towards online food delivery and restaurant dine-in. For instance, Japan has the highest per capita spending on food that is US$4,417.5 per person followed by Australia, Canada, and France with per-person spending of US$3,003.6, US$2,986.9, and US$ 2,983.4, respectively. This has been increasing the need for foodservice equipment at restaurants, cafes, and hotels.
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Based on equipment type, the market is fragmented cooking & preparation equipment, refrigeration equipment, ware washing equipment, storage & handling equipment, and others. The cooking & preparation segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to the significant demand in all types of restaurants, hotels; etc.
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Based on the sales channel, the market is fragmented into online and offline. In 2020, the offline segment accounted for a maximum market share of XX%. Through offline purchase, end-users can easily analyze the technical specification and functioning of the product. Through offline purchase, end-users are benefitted from offers like free servicing. Owing to this the segment is expected to remain dominant during the analyzed period. Based on end-user, the market is segmented into a full-service restaurants, quick-service restaurants, hotels & pub bar clubs, and others. The full-service restaurant segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period.
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Additionally, to get a detailed analysis of the market, the report provides a detailed analysis for the major regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the increased adoption of technologically advanced equipment. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period. Welbilt, The Middleby Corporation, Standex International Corporation, ITW Food Equipment Group, Dover Corporation, Haier Inc., AB Electrolux, The Manitowoc Company, Inc., Ali Group S.R.L, and Duke Manufacturing are some of the prominent players operating in the global Foodservice Equipment market.
Global Foodservice Equipment Market Segmentation
Market Insight, by Equipment Type
- Cooking & Preparation Equipment
- Refrigeration Equipment
- Ware washing Equipment
- Storage & Handling Equipment
Market Insight, by Sales Channel
Market Insight, by End-User
- Full-service restaurant
- Quick service restaurant
- Hotels & pub bar clubs
Market Insight, by Region
- North America Foodservice Equipment Market
- United States
- Europe Foodservice Equipment Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Foodservice Equipment Market
- Rest of Asia-Pacific
- Rest of World Foodservice Equipment Market
Top Company Profiles
- The Middleby Corporation
- Standex International Corporation
- ITW Food Equipment Group
- Dover Corporation
- Haier Inc.
- AB Electrolux
- The Manitowoc Company, Inc.
- Ali Group S.R.L
- Duke Manufacturing